Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives

Maqasid of Shari'ah is a millennium old theory on the higher objectives of Islamic divine law. As the discipline of Islamic economics and finance grew in politico-economic importance in the past three decades, a cathartic trend has emerged among Muslim experts to realign economic and financial...

Full description

Bibliographic Details
Main Authors:	Sifat, Imtiaz Mohammad, Mohamad, Azhar
Format:	Article
Language:	English English English
Published:	Taylor and Francis 2018
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/15/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives.pdf http://irep.iium.edu.my/62473/13/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives%20%20SCOPUS.pdf http://irep.iium.edu.my/62473/26/63724_Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability_WOS.pdf

id	iium-62473
recordtype	eprints
spelling	iium-624732018-05-22T00:43:28Z http://irep.iium.edu.my/62473/ Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives Sifat, Imtiaz Mohammad Mohamad, Azhar HG3368 Islamic Banking and Finance Maqasid of Shari'ah is a millennium old theory on the higher objectives of Islamic divine law. As the discipline of Islamic economics and finance grew in politico-economic importance in the past three decades, a cathartic trend has emerged among Muslim experts to realign economic and financial practices with not merely the minimum legal requirements of religion but also the wisdom and crucial objectives of Shari'ah. An expositive example of this is the monetary economics debate of a Shari'ah consonant currency. Though vast majority of religious clerics have approbated fiat and paper currencies in strict legal terms since the 1980s, a revisionist movement since the mid-1990s seeks to counter it—some going as far as indorsing reversion to gold and silver coinage of medieval Islamic epoch of affluence. Unlike orthodox fiqhi (strict jurisprudentialism) approach that involves legalese with little leeway, Maqasid approach concerns itself with the spirit of the law. This paper operates in the exciting laboratory of Maqasidic framework to appraise the multitudinous role of fiat currency in protecting economic, political, and social public interests, prevention of harm, promotion of egalitarianism, and attainment of ultimate utopic vision of theological and spiritual demands in Shari'ah. The paper contributes, theoretically, by introducing several moral-philosophical arguments against fiat’s compatibility with Shari'ah, and, practically, by prognosticating the future course of discourse in light of advancements in technological innovations—including nascent crypto-currencies. Taylor and Francis 2018-03-02 Article PeerReviewed application/pdf en http://irep.iium.edu.my/62473/15/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives.pdf application/pdf en http://irep.iium.edu.my/62473/13/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives%20%20SCOPUS.pdf application/pdf en http://irep.iium.edu.my/62473/26/63724_Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability_WOS.pdf Sifat, Imtiaz Mohammad and Mohamad, Azhar (2018) Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives. Journal of Muslim Minority Affairs, 38 (1). pp. 1-23. ISSN 1360-2004 E-ISSN 1469-9591 https://www.tandfonline.com/doi/pdf/10.1080/13602004.2018.1435057?needAccess=true 10.1080/13602004.2018.1435057
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Sifat, Imtiaz Mohammad Mohamad, Azhar Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
description	Maqasid of Shari'ah is a millennium old theory on the higher objectives of Islamic divine law. As the discipline of Islamic economics and finance grew in politico-economic importance in the past three decades, a cathartic trend has emerged among Muslim experts to realign economic and financial practices with not merely the minimum legal requirements of religion but also the wisdom and crucial objectives of Shari'ah. An expositive example of this is the monetary economics debate of a Shari'ah consonant currency. Though vast majority of religious clerics have approbated fiat and paper currencies in strict legal terms since the 1980s, a revisionist movement since the mid-1990s seeks to counter it—some going as far as indorsing reversion to gold and silver coinage of medieval Islamic epoch of affluence. Unlike orthodox fiqhi (strict jurisprudentialism) approach that involves legalese with little leeway, Maqasid approach concerns itself with the spirit of the law. This paper operates in the exciting laboratory of Maqasidic framework to appraise the multitudinous role of fiat currency in protecting economic, political, and social public interests, prevention of harm, promotion of egalitarianism, and attainment of ultimate utopic vision of theological and spiritual demands in Shari'ah. The paper contributes, theoretically, by introducing several moral-philosophical arguments against fiat’s compatibility with Shari'ah, and, practically, by prognosticating the future course of discourse in light of advancements in technological innovations—including nascent crypto-currencies.
format	Article
author	Sifat, Imtiaz Mohammad Mohamad, Azhar
author_facet	Sifat, Imtiaz Mohammad Mohamad, Azhar
author_sort	Sifat, Imtiaz Mohammad
title	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
title_short	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
title_full	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
title_fullStr	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
title_full_unstemmed	Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
title_sort	revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives
publisher	Taylor and Francis
publishDate	2018
url	http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/ http://irep.iium.edu.my/62473/15/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives.pdf http://irep.iium.edu.my/62473/13/62473%20Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability%20of%20Shari%E2%80%99ah%20Objectives%20%20SCOPUS.pdf http://irep.iium.edu.my/62473/26/63724_Revisiting%20Fiat%20Regime%E2%80%99s%20Attainability_WOS.pdf
first_indexed	2023-09-18T21:28:32Z
last_indexed	2023-09-18T21:28:32Z
_version_	1777412354728787968

Revisiting fiat regime’s attainability of shari’ah objectives and possible futuristic alternatives

Similar Items